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S. 1025, The Fair Tax Act of 2007 (9 comments ↓)
S. 1025 would promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national sales tax to be administered primarily by the States.
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Visitor Comments
Mike (MMC USN RET)
Where are we with this one, it would save our country mega millions each and every year and we would all take homoe more of our paychecks
Nathan
I get the feeling that many politicians are willing to pay lip service to the Fair Tax but few are willing to act; too much power would shift from the Washington elite to the people if the Fair Tax passed.
Brian
Being a Libertarian, I support legislation that reduces or repeals taxes, my only question is at what percentage rate might the federal government set a proposed federal sales tax? But I do believe that this is a step, no, a leap in the right direction! On the other hand, we have a Congress controlled by Democrats, and the White House will probably fall to the Dems in '08 (thanks to President Moron), so in all likelihood this bill will be utterly doomed!
Geoff
http://www.fairtax.org/site/PageServer
sign the petition and donate.
Action speaks louder than words.
Star
Is there a cap to the %? This all seems well and good. We have supported this concept BUT it could be higher and put us all in the poor house if not regulated to some extent? Do we blindly want this then 50% is off your check?
Star
Oh, I just read. I think 23 to 30% is excessive. Our state sales tax is high. Would that also do away with STATE sales taxes? They way I understand it on that web site is it would be collected by the store owner. BUT if the State sales taxes aren't abolished that would almost make a 40% tax.omg
ken
Star, I currently pay an income tax rate of 35% + state income tax of around 7% + state sales tax of around 8% + city tax + property tax + God knows how many other taxes. I am "guessing" my tax burden is over 50% of my income. The key thing here is guessing. The fair tax takes a step in the right direction and helps me "know" what I am paying.
Ross
Ken and Star. Why do you think income tax has been written? Why do you think polocy makers have your taxes taken out of your paycheck before you even see the money you earned? So you DON'T SEE or feel the excessive taxes they want for POWER. This is the only way to make them responsible for thier actions. -------------------------------------------------------------------------------------------------------PS The states that have no income tax are BOOMING. Ireland has the lowest capital gains tax in the area guess what Ireland's middle class is BOOMING!
Bill
This bill should never receive serious consideration. It is not only unfair, but unrealistic. The argument that it will tax the underground economy is rediculous. The "fair tax" will be much easier to evade than the current system. Requiring states to collect federal taxes is also rediculous. There are too many lies and untruths being put forward by supporters to discuss here. When somebody disagrees with this bill, supporters simply call the opponent uneducated and tell them to read a book written by a radio show host who knows nothing about taxes or economics.